Circle, a publicly traded company in the U.S. and issuer of the USDC stablecoin, announced that it will launch the first-level (L1) blockchain Arc, which is compatible with the Ethereum Virtual Machine (EVM), this year.
The company announced the launch of Arc in its Q2 earnings released on Tuesday, which is a new network designed to provide 'enterprise-grade infrastructure' for stablecoin payments, foreign exchange, and capital market applications.
Arc is expected to launch its public test network in the fall, using USDC as the native fuel token, allowing users to pay transaction fees on the new network with the stablecoin.
On the occasion of the launch of Arc, Circle stated that its total revenue and reserve revenue in Q2 increased by 53% year-on-year, reaching $658 million.
“Full-stack platform for online financial systems”
According to Circle, the Arc blockchain is specifically designed for stablecoin finance, marking a significant milestone in its goal to provide a 'full-stack platform for online financial systems'.
In addition to using USDC as the native fuel, Arc will also provide an integrated stablecoin foreign exchange engine, sub-second settlement finality, and optional privacy controls. The announcement emphasized:
“Arc will be fully integrated into Circle’s platform and services while remaining available and interoperable with several other partner blockchains supported by Circle.”
So far, the total market cap of USDC is $65.6 billion, operating on 24 networks including Ethereum, which is the largest network for USDC, with a total supply of $42.6 billion.
This news is developing, more information will be updated continuously.
Magazine: Ethereum Vault Company may trigger 'DeFi Summer 2.0'
